Project Plan for River District Phase II

(STAR Bond District)

May 2, 2017

STAR Bonds

• STAR does not increase sales tax or property tax rates

• STAR captures new sales taxes generated by commercial development that has occurred

• Increment is the difference between taxes actually collected and taxes that would have been collected if value did not increase due to investment

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East Bank District

Phase II Project Area

Eastbank Redevelopment District Expansion

• Secretary of Commerce approved expansion in 2016

• Approximately 64 acres• Mixed use development for stadium and surrounding land

• Significant redevelopment of area

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Phase II Project Plan

• Development of the project area including stadium and mixed-use commercial development

• Feasibility Study• Projected visitation• Projected sales tax revenue

• STAR Bond funds - $18 - 22 million

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Project Costs7

Project Budget

Advanced Learning Library $ 37,000,000

Infrastructure and Parking $ 9,500,000

Delano Catalyst Site $ 50,000,000

Stadium Costs* $ 29,500,000

Total STAR Bond Project Costs $ 126,000,000 *Does not include $10.5 million in Phase I STAR Bonds

Development North Phase II –Advanced Learning Library

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Development North Phase II –Delano Catalyst Site

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Museum & Stadium Area• Improvements to Lawrence Dumont Stadium area to accommodate

multi sport events• Baseball, softball, soccer, concerts, festivals• Adjacent baseball/sports museum (NBC history, traveling exhibits)

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Stadiums: Catalysts for Development11

Next Steps

• Submit project plan to Secretary of Commerce for approval

• Issue STAR Bonds

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Recommended Action• It is recommended that the City Council conduct the public hearing, close the public hearing and pass the ordinance on an emergency bases which will adopt the Phase II Project Plan.

Office of Urban Development

Project Plan for River District Phase II (STAR

Bond District)